Exhibit“G”
AGREEMENTOFSTOCKCANCELLATION
THIS STOCK CANCELLATION ANDCONSULTING AGREEMENT(the
“Agreement”)ismadeandenteredintoasofSeptember7,2011,byandbetweenJamesB.Frack,of414SEWashington Blvd.,PMB 366,Bartlesville,Oklahoma74003(the“Relinquishor”),andBradNightingale,President (“DCI”)onbehalfofDigitalCaddies,Inc.,anOklahomaCorporation,andbyDigital Caddies,Inc.,separately.
W I T N E S S E TH:
WHEREAS,theRelinquishoristheownerofOneHundredThirty-FiveMillion(135,000,000)authorizedissuedcommonshares,copiesofwhichisattachedheretoasExhibit “A” (the “Stock”),ofDigitalCaddies,Inc.(the“Company”);
WHEREAS,DCIseeksthecancellationoftheStockissuedtoJamesB.FrackandtheRelinquishordesirestorelinquish,terminateandcanceltheStockuponthetermsandconditionshereinafter set forth; and
NOW,THEREFORE,inconsiderationofthemutualcovenantsandagreementscontainedherein,thepartieshereto,intendingtobelegally bound, agree as follows:
1. CancellationPrice.In exchange for theCancellation of Relinquishor’s Stock, DCIshallpaytotheRelinquishor,attheClosing(ashereinafterdefined),thesumofOneHundredSixtyThousandDollars($160,000.00)(the“CancellationPrice”).TheCancellationPriceshallbepaidasfollows,to-wit:
a. The sum of Forty Thousand Dollars ($40,000.00) shall be released upon the execution of this Agreement.
b. On or before January 14, 2012, DCI shall pay the remaining balance of One Hundred Twenty Thousand Dollars ($120,000.00) to Relinquishor as the final payment.
2. CancellationofStock.Thepartiesexpresslyacknowledgethatthestockwillbedeemedtobecancelleduponthetimelypaymentsassetforthinparagraph1above.Timeisoftheessencewithrespecttothesepaymentsandthestockwillonlybecancelleduponpayment infullwhenthereisnoeventofdefault.Uponpaymentinfull,theRelinquishorshall,byexecutinganoticeofcancellation,relinquish,terminateandcancelthestockaspartoftheCancellationPricehereinabovesetforth.
3. Proxy. RelinquishorexpresslygrantshisproxytovotetheabovereferredtostockforallcorporatematterswhichdonotoperatetothedetrimentorcircumventionormodificationofthisAgreementofStockCancellation.Intheeventofdefaultundertheterms ofthisAgreement,theproxygrantedtoBradNightingalehereinshallbeimmediatelycancelledandheldfornaught.
4. Default.IntheeventofdefaultbyDCI,pursuanttothepaymentscheduledsetforthabove,RelinquishorisherebygivenanoptiontoconvertthisAgreementintoOneHundredFiftyMillion150,000,000restricted commonsharesofDCI.thestockofRelinquishor,Likewise,DCIshallnotdivestitself,liquidate,orotherwisetransferownershipofitssubsidiaries,DigitalCaddies,Inc., aBritishColumbiacorporation,DigitalCaddiesCanada,Inc.,anOntarioCorporation,andDigitalCaddiesUS,Inc.,aNevadaCorporation.UntiltheFullBalancedueunderthisAgreementispaidinfull toRelinquishorthereshallbenocorporateorBoardactionbyDCI toissue,cancel, reverse, merge,forward or reverse split,orotherwisemodify the Capital Structure,followingthecompletionoftheShareExchange,outsideoftheissuanceofcommonshares under the terms of previously issued and outstandingwarrantsandconvertibledebt of DCI. No furtherBoardactionwillberequiredbyanyofthepartiestothisAgreementotherthanRelinquishor may, if DCI does not issued the relinquishor shareswithinone(1)businessday,provideacopyofthisAgreementtoDCI’stransferagentandcausetheimmediateissuanceof the shares to relinquishor.
5. Closing.TheClosingofthetransactiondescribedinthisAgreementshalltakeplaceonsuchdateasmutuallydeterminedbythepartieshereto(the“Closing”),whichClosingisexpectedtobeonorbeforeJanuary14,2012unlessextendedbymutualconsentoftheparties hereto.
6. RepresentationandWarrantiesoftheRelinquishor.TheRelinquishorrepresentsandwarrantsthat:
(a) Authority. ThisAgreementhasbeendulyauthorized,executedanddeliveredbytheRelinquishorandconstitutesavalidandbindingobligationoftheRelinquishorenforceableinaccordancewithitsterms.Theexecution,deliveryandperformanceofthisAgreementbytheRelinquishordoesnotandwillnotviolateanyprovisionofanylaw, regulationororder,orconflictwithorresultinthe breach of, or constitute a default under, any material agreement or instrument towhichtheRelinquishorisapartyor bywhichtheRelinquishormaybeboundor affected.
7. EntireAgreement.ThisAgreementconstitutesthecompleteunderstandingbetweenthepartiesheretowithrespecttothesubjectmatterhereof,andnoalteration, amendmentormodificationofanyofthetermsandprovisionshereofshallbevalidunlessmadepursuanttoaninstrumentinwritingsignedbyeachparty.ThisAgreementsupersedesandterminates anyandallprioragreementsorunderstandingsbetweenthepartiesregarding thesubjectmatterhereof.
8. FeesandCosts.TheRelinquishorandDCIshalleachbeartheirownfeesandcostsincurredinconnectionwiththisAgreement.
9. BindingEffect.ThisAgreementshallbebindinguponandinuretothebenefitofthepartiesheretoandtheirrespectiveheirs,personalrepresentatives,executors,successorsandassigns.
10. GoverningLaw.ThisAgreementhasbeenmadeinandshallbeconstruedandenforcedinaccordancewiththelaws of theState of Oklahoma.
11. JurisdictionandVenue.Anyclaimorcontroversyarisingoutoforrelatingtotheinterpretation,applicationorenforcementofanyprovisionofthisAgreement,shallbesubmittedforresolutiontoacourtofcompetentjurisdictioninOklahoma.ThepartiesherebyconsenttopersonaljurisdictionandvenueinOklahoma.
12. ConstructionandSeverability.IntheeventanyprovisioninthisAgreementshall,foranyreason,beheldtobeinvalidorunenforceable,thisAgreementshallbeconstrued asthoughitdidnotcontainsuchinvalidorunenforceableprovision,andtherightsandobligationsofthepartiesheretoshallcontinueinfullforceandeffectandshallbeconstruedandenforcedinaccordancewiththeremainingprovisionshereof.
13. Counterparts. ThisAgreementmaybeexecutedinoneormorecounterparts,eachofwhichshallbedeemedanoriginal,butallofwhichtogethershallconstituteoneandthesameinstrument.
14. ParagraphHeadings.TheparagraphheadingscontainedinthisAgreementareforconvenienceonlyandshallnotaffectinanymannerthemeaningorinterpretationofthisAgreement.
15. RuleofConstructionRelatingtoAmbiguities. All partiestothis Agreementacknowledgethatthey haveeachcarefullyread andreviewedthisAgreement withtheirrespectivecounseland/orotherrepresentative,and therefore,agreethatthe ruleofconstructionthat ambiguitiesshallbeconstrued againstthedrafterof thedocumentshallnotbe applicable.
INWITNESSWHEREOF,thepartiesheretohavedulyexecutedthisAgreementasofthedayandyearfirstabovewritten.
INWITNESSWHEREOF,thepartiesheretohavedulyexecutedthisAgreementasofthedayandyearfirstabovewritten.
INWITNESSWHEREOF,thepartiesheretohavedulyexecutedthisAgreementasofthedayandyearfirstabovewritten.
